IBC ordinance: President likely to give assent tonight

Narendra Modi cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code, the finance minister said, changes that are designed to prevent wilful defaulters from bidding for stressed assets. ET Now learns from sources that President is likely to give assent on IBC ordinance tonight. Today in a press conference, Finance Minister Arun Jaitley announced approval for the amendments following a cabinet meeting but did not provide details.As per sources the amendments will stop wilful defaulters from buying stressed assets that they previously owned.